Support Skift’s Independent Journalism

More travel professionals get their industry news from Skift’s trusted editors and reporters than any other source.

Greece posted a current-account surplus last year for the first time, helped by a 15 percent rise in tourist revenue and an increase in European Union aid.

The 2013 surplus was 1.2 billion euros ($1.7 billion), about 0.7 percent of gross domestic product, compared with a deficit of 4.6 billion euros the year before, according to an e- mailed statement from the Bank of Greece today. The surplus is the first in central bank records dating back to 1948.

The result “is undoubtedly a historical development and extremely positive,” said Tassos Anastasatos, an economist at Eurobank Ergasias SA in Athens. “The question is whether this surplus is sustainable when the economy recovers.”

Greece, which was at the epicenter of the European financial crisis, saw its economy contract by 3.7 percent in 2013, bettering the government’s forecast for a 4 percent decline, the Hellenic Statistical Authority said last week. This year the economy may expand for the first time in seven years as it recovers from the budget cuts tied to the country’s 240 billion-euro bailout, the EU forecasts.

Tourism revenue increased to 12 billion euros from 10.4 billion euros in 2012, while current transfers to the government, mainly EU loans for small businesses and infrastructure investment, rose by 2.4 billion euros helping to push the current account into surplus.

Editors: Ben Sills and James Hertling.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net. To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net.

Support Skift's Work

Support Skift’s independent journalism in the world’s most consequential sector. Please consider making a one-time or recurring contribution to support the serious journalism this sector deserves.